What Should You Know About Chapter 13 in Dayton OH

by | Jan 15, 2015 | Bankruptcy

Financial difficulty is common for many people. Though most people work to keep their debts under control, unexpected situations can occur that cause a person to begin to drown in debt. Whether due to an unexpected injury or illness, the loss of a job or poor financial decisions, debt can be difficult to deal with. The harassing phone calls and threats of wage garnishment and court cases are often more than the average person can handle. If you are dealing with these issues, you may have the option of filing for Chapter 13 in Dayton OH.

To find out more about Chapter 13 in Dayton OH, you need to first meet with a lawyer. When it is time for your appointment, you need to bring in information on all the debts you owe, your income and your assets. This gives the attorney all of the information needed so he or she can decide if chapter 13 will work in your situation.

Chapter 13 is a type of bankruptcy that is perfect for individuals dealing with secured consumer debt. If you are facing foreclosure or having your car repossessed, this is perfect for avoiding these scenarios.

The attorney will file your bankruptcy claim on your behalf. You will need to pay a monthly payment to the court each day. This payment will be based on the income you have coming in each month. It is important you pay your payments on time each month so your bankruptcy remains in effect.

Bankruptcy can last between two and five years, depending on the amount of debts you have. During this period of time, you will need to pay your payments and make sure all of your debts are paid up when the period is over. This will help you to avoid foreclosure and will prevent any creditors from further pursuing you.

To learn more about your options for filing for bankruptcy, visit Newstartohio.com. Through these attorneys, you can receive the legal help you need so you can overcome your debts once and for all. Through a consultation appointment, you can learn if chapter 13 will benefit you.

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